Truist lowered the firm’s price target on Lowe’s to $244 from $252 but keeps a Buy rating on the shares. The firm is reducing its margin assumptions for FY24 and FY25 and cutting its EPS estimates to $12.80 and $14.20 from $13.35 and $14.75 respectively, even though over the medium term, it is becoming increasingly bullish on the home improvement sector given general spending resilience, home equity increases, easing comparisons and the recent positive inflexion in Private Residential Fixed Investment data, the analyst tells investors in a research note.
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